Selling During Recession

So we have talked about how good it would be to start a business with the current economic situation. I mean as compared to not doing anything at all having your own online business will be better. So after you have established your business let us focus our attention on the consumers.

Not only is it a gamble to start a business during an economic slump it is also tough to close sales. Even the most seasoned sales person will tell you that it is not as easy as it used to be. So how can we close those sales and increase profit? Her are some ways that can help us achieve that goal:

1. Do Not Devalue Your Product. It will be pretty normal that you slash off prices or offer special discounts on your products. Discounts actually work as a double edged sword, there are times that it is favorable and times that it is not. When you offer a huge discount on your items, customers might think that they were overpaying at the regular price. Also they might assume that the product is so cheap because there’s something wrong with it. Instead of slashing prices, you should contemplate on offering additional services — such as longer guarantees or additional technical support. Through this buyers will feel that they are truly getting their money’s worth.

2. Stay calm and focus. One of the biggest mistakes an entrepreneur might do during a recession is to panic. Being too aggressive or too hungry to make that sale might result to customers getting scared or worse turn-off. Instead of hysteria, offer calm, focused solutions, keep your cool. As an online entrepreneur, you have to invest your time on research. You need to find out your customer’s biggest challenges and threats potential these people face. From thereon shape your headline to assure them this product / service that you are offering will minimize those threats they feel.

3. Do not forget your existing customers. It is important that you acquire new customers however; you should also look after your existing consumers. Make sure your existing customers know their business is valued and appreciated, and spend as much effort reaching out to them as you do contacting potential clients. Your existing customers will get you through an economic downturn that is how important these people are.

A thing such as the recession is indeed and real pain if you ask me. However, it is up to us how we view it, it may be some blessing in disguise. Let us be positive and keep our fingers crossed eventually everything will get better. If you are one of those people who took advantage of the recession and started an online business, I sure hope these strategies can help you somehow.